I'm Jim, computer database administrator, published screenwriter, human-interest photographer, infrequent wallflower at trading conventions and intraday futures trader.
I've decided to keep a daily journal on Elite Trader as a way to post progress toward a goal in a public fashion. Each day that I trade, I will post my daily performance and cumulative balance, to document each step.
This thread is meant to inspire traders to build their own systems, conquer emotions in their trading, and achieve all the success their systems and the market can give them. I will not list or explain my systems, methods, charts, indicators or research, since you will be trading the system of your own design, not mine. Nor will I seek to engage other traders in this thread. Here are a few of my trading observations:
1. The average trader is overcome with emotions before, during and/or after trading. Consistent performance on the part of the trader cannot be expected unless/until emotions are conquered at least in the before and during stages.
2. Without a mechanical system or set of systems in place, ready to roll everyday as-is, consistency is further degraded because as humans, we are rarely at our best, seldom at our worst, and usually somewhere in-between. Traders cannot rely on themselves to be a source of best judgment day-in and day-out for trading decisions, if system performance is to be sustained over the long haul.
3. KISS - Keep Intraday Systems Simple. Regardless of the complexities and matrix required to build systems, traders with complex tools will fall behind at the moment of truth, and have ample reason to blame their system. Often, traders quit or blow out after what appeared as a profitable edge in back-testing turned out to be a mess to manage in real-time, resulting is an unprofitable system. Unsatisfying, to be sure.
4. System life is limited. The engine mounted to this particular thread is unlike any I have seen posted here or anywhere. When it breaks, I will either fix it or replace it. I build my own systems. I do not rent virtual space in chat rooms; I do not subscribe to signal services; I do not worship gurus.
So, to the task at hand. Taking $2,500 to $1M in 180 trading days. No hypothetical disclaimer; no simulator; no demo account; no excuses. Just the good, bad and the ugly of real cash trading coupled to a promising system without emotion or judgment on the part of the trader. I make no promises, save one: To stick with this system until the allocated funds reach zero or $1M, whichever comes first. I am not a superior trader. There are traders much more intelligent and gifted than I. A few of them are my friends. But I do believe that much talent goes undeveloped, and while persistence and application cannot substitute for talent, they shine much brighter than talent left to lay.
Salute to the ET moderators and those whose success is already legend. There is more than enough wisdom posted by select ET members to power any trader to success, given the resources and guts to follow their own system rules.
Happy Thanksgiving 2008.
<img src="http://www.creekoutfitters.com/images/eagle-fish.gif">
I've decided to keep a daily journal on Elite Trader as a way to post progress toward a goal in a public fashion. Each day that I trade, I will post my daily performance and cumulative balance, to document each step.
This thread is meant to inspire traders to build their own systems, conquer emotions in their trading, and achieve all the success their systems and the market can give them. I will not list or explain my systems, methods, charts, indicators or research, since you will be trading the system of your own design, not mine. Nor will I seek to engage other traders in this thread. Here are a few of my trading observations:
1. The average trader is overcome with emotions before, during and/or after trading. Consistent performance on the part of the trader cannot be expected unless/until emotions are conquered at least in the before and during stages.
2. Without a mechanical system or set of systems in place, ready to roll everyday as-is, consistency is further degraded because as humans, we are rarely at our best, seldom at our worst, and usually somewhere in-between. Traders cannot rely on themselves to be a source of best judgment day-in and day-out for trading decisions, if system performance is to be sustained over the long haul.
3. KISS - Keep Intraday Systems Simple. Regardless of the complexities and matrix required to build systems, traders with complex tools will fall behind at the moment of truth, and have ample reason to blame their system. Often, traders quit or blow out after what appeared as a profitable edge in back-testing turned out to be a mess to manage in real-time, resulting is an unprofitable system. Unsatisfying, to be sure.
4. System life is limited. The engine mounted to this particular thread is unlike any I have seen posted here or anywhere. When it breaks, I will either fix it or replace it. I build my own systems. I do not rent virtual space in chat rooms; I do not subscribe to signal services; I do not worship gurus.
So, to the task at hand. Taking $2,500 to $1M in 180 trading days. No hypothetical disclaimer; no simulator; no demo account; no excuses. Just the good, bad and the ugly of real cash trading coupled to a promising system without emotion or judgment on the part of the trader. I make no promises, save one: To stick with this system until the allocated funds reach zero or $1M, whichever comes first. I am not a superior trader. There are traders much more intelligent and gifted than I. A few of them are my friends. But I do believe that much talent goes undeveloped, and while persistence and application cannot substitute for talent, they shine much brighter than talent left to lay.
Salute to the ET moderators and those whose success is already legend. There is more than enough wisdom posted by select ET members to power any trader to success, given the resources and guts to follow their own system rules.
Happy Thanksgiving 2008.
<img src="http://www.creekoutfitters.com/images/eagle-fish.gif">
